BAKU, Azerbaijan, February 15. Russia's oil output is expected to decline by 0.9 million barrels per day (mb/d) to an average of 10.1 mb/d, Trend reports via monthly oil outlook from OPEC.
According to the forecast, the annual growth has been downgraded by around 50,000 b/d, compared to the last month's outlook.
At the same time, OPEC noted that liquids supply forecast for Russia is subject to high uncertainty.
"Russia's liquids production in December rose month-on-month by 21,000 b/d to average 11.2 mb/d. This includes 9.8 mb/d of crude oil and 1.4 mb/d of NGLs and condensate. A preliminary estimate of Russia's crude production in January 2023 shows a month-on-month drop of 88,000 b/d to average 9.7 mb/d, while NGLs and condensate were relatively stable," the report noted.
OPEC estimates Russia's oil output to have increased by 0.2 mb/d year-on-year in 2022 - to an average of 11 mb/d, which is broadly unchanged from the last outlook.
Meanwhile, according to OPEC's forecast, the main drivers for global oil supply growth will be the US, Norway, Brazil, Canada, Kazakhstan and Guyana. Meanwhile, production decline is forecast for Russia and Mexico.